But those fears took a backseat following the Commerce Department's worse-than-expected report on first-quarter gross domestic product, which showed the economy grew just 1.8% during the first quarter. The prior estimate showed an annual increase of 2.4%, and economists were expecting that figure to hold.

"There is a clear disconnect from what the Fed is reviewing and Main Street is living," said Todd Schoenberger, managing partner at LandColt Capital, in a client note. "The pathetic part of it all is Wall Street will see this as good news as stocks will most likely rally on hopes of an extended period for more bond buying."